The road to recovery and the role of central banks Speech by Madis Müller, Governor of Eesti Pank, at the CFA Society Finland virtual Forecast Dinner
Dear fellow CFA charterholders, We have been living with the economic crisis caused by the...

The state of the economy and the role of the central bank in exiting the crisis
Madis Müller, Governor of Eesti Pank and member of the Governing Council of the European Central...

Monetary policy impacts the Estonian economy more than it does in the euro area on average
The latest research by Eesti Pank shows that the monetary policy of the Eurosystem affects growth...

Speech by the Governor of Eesti Pank to the Riigikogu Presentation of the Annual Report of Eesti Pank for 2019
Madis Müller Governor of Eesti Pank Honourable...

The cooling of the economy will slow growth in wages and prices
The latest economic forecast from Eesti Pank expects the economy to grow by 3% this year, and by...

Lecture by Ardo Hansson on the direct and indirect effects of euro area monetary policy
Governor Ardo Hansson gave a lecture to the Research Centre SAFE (Sustainable Architecture...

Last year was the most successful since the economic crisis
The economy was driven upwards mainly by a burst of growth in demand Increased investment is...

The risk of growth slowing because of the labour market overheating has increased
An improved external environment and higher productivity are boosting economic growth Rising...

Estonian economic growth in 2015 was the slowest of the past six years
Real household incomes and sales by companies in the domestic market have increased rapidly, but...

Roundtable at Eesti Pank
At the Your opinion counts roundtable, we want to hear what people and organisations think about...

Your opinion counts – a roundtable with Eesti Pank
Madis Müller Governor of Eesti Pank and member of the Governing...

PSPP securities lending
Securities lending of Bank of Estonia PSPP holdings The Bank of Estonia PSPP and PEPP holdings...

Eesti Pank holdings under the PSPP programme

Monetary policy
Estonia joined the euro area at the beginning of 2011. In the euro area, the Eurosystem is...

Central bank reserves
The Eesti Pank reserves allow the central bank to remain independent of the government and ensure...

Questions and answers on the extended asset purchase programme (APP) of the European Central Bank
With inflation remaining low, expectations for it falling and the economy in the euro area staying...

Eesti Pank's priorities among core operations
Participation in decision-making in the Eurosystem and implementation of decisions As a central...

Monetary policy transmission mechanism
The transmission mechanism of monetary policy involves channels through which monetary policy...

Monetary policy instruments
Open market operations Open market operations serve to steer interest rates and manage the...

The functioning of monetary policy
The central bank is the sole issuer of banknotes and bank reserves, which means that it is the...

Operational framework
In order to achieve its primary objective - maintaining price stability - the Eurosystem uses a set...

Importance of price stability
Price stability implies avoiding both prolonged inflation and deflation. Inflation is a rise...

Estonian Economy and Monetary Policy 2/2021
The Estonian Economy and Monetary Policy is an Eesti Pank review released four times a year that...

3/2021 Anita Suurlaht. The Asymmetric Effect of Monetary Policy on European Financial Markets
Working Papers of Eesti Pank 3/2021 This paper analyses the impact of unanticipated changes...

Estonian Economy and Monetary Policy 1/2021
The mood of optimism that prevailed around the world at the start of the year has cooled. It...